Naidu faces daunting task of making bleak coffers ring to fulfil ‘Super Six’

Vijayawada: TDP supremo N Chandrababu Naidu who is set to take the reins of power in Andhra Pradesh shortly will have the daunting task of making bleak coffers ring to fulfill the “Super Six” that his party promised during the run-up to the recently concluded Assembly polls.

As a precursor to his journey of financial challenges, Naidu needs over Rs 4,500 crore to disburse social pensions to about 65 lakh beneficiaries by July 1. As part of his “Super Six”, Naidu promised to hike the monthly pension to Rs 4,000 from the existing Rs 3,000 along with a backlog of Rs 3,000 (Rs 1,000 for April, May and June) from July. All together it would cost the exchequer Rs 4,500 crore in July, besides salaries to employees and pensioners which is pegged at another Rs 6,000 crore.

The new TDP government will have to mop up over Rs 10,000 crore to fulfill the financial requirements for July. The State government has a committed expenditure of nearly Rs 1.30 lakh crore annually to meet the requirements of salaries, pensions, loan repayments and interests.

According to the Reserve Bank website, the Andhra government offered to sell securities worth Rs 2,000 crore on June 11 through auction. The State needs Rs 2,600 crore every month to meet the social pension alone. Similarly, as part of the manifesto, the Telugu Desam Party promised free travel to women in government-run buses. This would cost the exchequer about Rs 2000 crore annually.

Under “Super Six,” the TDP also promised Rs 15,000 to every school-going child per annum. The party also promised three free cooking gas cylinders to every household per year and Rs 20,000 annual financial assistance to every farmer, among others.